Оглавление
Charles Ph.D Barthelemy. How to Get a Business Loan for Commercial Real Estate
INTRODUCTION
CHAPTER 1. LET’S CRAWL! Qualifications and Requirements
CHAPTER 2. LET’S WALK! Documents
CHAPTER 3. LET’S TALK! Creating and Submitting a Complete file To the Bank OR Funding Source
CHAPTER 4. MONEY SOURCES. Locating a Reputable Lender (Bank, Funding Source, Private Money)
CHAPTER 5. DIRECT LENDER OR BROKER? Am I Dealing With The Direct Funding Source? (Wells Fargo, BOA, BB&T etc.) or a Broker?
CONCLUSION
APPENDIX. GLOSSARY OF TERMS
chapter
Отрывок из книги
My name is Charles Barthelemy, founder of Barthelemy Commercial Capital. As a notable and respected mortgage banker in the Atlanta, GA community, I founded Barthelemy Enterprises in 2001 while being employed with Wachovia Bank now known as Wells Fargo Bank. During my ten year tenure that resulted in me overseeing 8 bank branches, I found myself having to tell more customers that their loan request was declined rather than approved. Seeing that the bank has set guidelines, any projects outside their box were declined. For example, a customer may have one derogatory item on their credit or don’t have a relationship with the bank (No accounts with the bank) or the project that they are seeking funding for did not fit the bank’s strict parameters and blueprint, such as hotels, night clubs, multi units etc. and their loans would get declined.
Along with the strict guidelines, as a Wachovia employee, I was restricted in what I could and could not tell the customer, which I will go into more detail in Chapter 5. I found that 60% - 70% of my customers were strong in some areas and weak in others (Credit, Personal Financial Statement, Liquidity, accounts with the bank etc.). Over the years at Wachovia Bank, I found myself declining 7 out of 10 prospects that applied for some type of business funding because of hard bank criteria. As bankers, we have a tendency of thinking that the guidelines that the financial institution that we are working for is the law, written in stone. Now when I say the law, I am referring to the programs that the particular bank offers. Working for one of the top 10 banks in the nation, I figured if they cannot approve my clients then no one can. Boy was I wrong! Sending out “Declined” letters became a daily routine for my staff and I. As a SOLUTIONS oriented person, I realized that there had to be other sources that would give my clients a chance. As the old saying goes “If there’s a will there’s is a way”. In 2002 I made the decision to resign from Wachovia Bank so that I could seek other funding solutions for my clients. I sought them and I found them.
.....
You must show that you have some “skin in the game.” What I mean by this is how much money you have to put toward your project.
A)Your lending sources will generally want to see at least a 10 to 15 percent cash injection/ down payment. This percentage is based on the total amount that is being borrowed.
.....
